The Voice of Insurance Ep235 Dieter Winkel, President, Liberty Mutual Re: A consistent view of the market
Dec 17, 2024
Dieter Winkel, President of Liberty Mutual Re, brings four decades of reinsurance experience to the conversation. He shares insights on approaching the pivotal 1.1 renewal season, examining current market trends and the rise of cyber insurance. Dieter discusses the importance of risk assessment, especially in relation to natural disasters, and highlights the evolving role of parametric insurance. The podcast also touches on the transformative impact of AI in streamlining submissions and enhancing risk management in a rapidly changing landscape.
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Episode notes
Reinsurance Market Volatility
- The reinsurance market needs to be cautious and not overly optimistic.
- Geopolitical environment, evolving risks like cyber, and climate change all contribute to market volatility.
Cyber Risk and Catastrophe Modeling
- Cyber risk is an evolving challenge, similar to early catastrophe modeling.
- Insurers need to develop expertise and consider worst-case scenarios, but avoid being naive about its potential impact.
Clarity in Reinsurance Contracts
- Reinsurers should clearly define coverage to avoid disputes.
- Ambiguity in wording can lead to legal battles, especially after major events.